Tips to morphing your business to survive and even thrive in economic downturns.

Many people hit a slump when things turn down in the economy. They have a core business that perhaps has been working well for a few years then the slowdown....

This current downturn is the third I have personally experienced in adulthood. Back in the late 1980's was scary especially if you had a mortgage however as with all black clouds some also had a silver lining - those who had investments - for example in the bank such as term deposits and in those days mortgage savings accounts which offset your mortgages.

In the late 1990's there didn't seem to be as much of an impact in Australia but at that time I was dealing mainly with South East Asian clients and most often with projects between Australia and Indonesia. This was the time of the Monetary Crisis or in Bahasa Indonesia - 'crismon'. I went from having a few very cushy lucrative contracts and an office in the main street of Perth to working from home and working full-time as a domestic to ensure the business kept going and I had money to re-invest into it. Fortunately this did not last a full year and there were those around me advising me to diversify and offer the same services to the local market and get a bit more hands on. Thankfully I did and these experiences have really made a difference in preparation and the handling of this current and even more severe economic crisis.

So tips include:

1 Diversify your income options - in addition to your normal job (or even business) consider other income options so even if the worst happens and you find yourself either unemployed or losing big contracts as a business owner/operator - you are not totally reliant on this one source of income.

2 If you haven't already started a savings plan and a giving plan - it's never too late. Even a few dollars squirrelled away can assist you and others.

3 Invest in yourself - this may be through adding more into superannuation or investing into your business or future.

4 Make the most of the downturn and take the time to smell the roses [during the late 1990's while on an extended trip to Indonesia - I had the opportunity to visit many old business associates and see how their lives had simplified - yes, they had lost their cars or their fancy apartments but they had come to cherish this extra time off spent with family - it also seems a few more babies were conceived at this time!]

5 make time to meditate or pray or contemplate (whichever method you prefer) and allow your creativity to flow - be open to new opportunities whether they be a second job, home based business, internet or network marketing.....

6 be disciplined - even a few hours a week will make a difference - stick with it and if you do not lose heart your efforts will be rewarded

7 be teachable - most people have an opinion and usually this annoys others however sometimes they have a point - consider suggestions and make informed decisions before rejecting things out of hand.

8 Read the success stories of people you admire - what can you learn from them and perhaps adopt into your own circumstances.

Life is a challenge - there will always be ups and downs - seasons of sewing and reaping - these last few years in Australia have seen many reaping but now perhaps is your time to sew again for future harvests.